On 6 September 2012 new regulations were published which icreased the number of entities entitled to exemption from mandatory audit, as well as making it easier for companies to switch between IFRS and UK GAAP.

The Urgent Issues Task Force (UITF) received an enquiry expressing concern that the new requirements regarding off-balance sheet disclosures set out in Section 410A of the Companies Act 2006, does not define off-balance sheet arrangements.